What Is StarkNet (STRK)?

StarkNet, which was created by StarkWare Company, is a layer-2 network that allows decentralized apps to develop.

What is StarkNet?

StarkNet is a decentralized ZK-rollup that runs on Ethereum. Vitalik Buterin who is the CEO of Ethereum, mentioned that StarkNet can support Ethereum to reach 100,000 transactions per second. This network has some advantages, such as low transaction fees and high performance. In addition, it authorizes decentralized applications (dApps) to reach an unlimited scale. We put its three benefits in order below:

Security
Low transactions fees
Scalability

The network provides low fees for users by combining multiple transactions into one state change. Furthermore, it works to enhance the properties of Ethereum layer 1.

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What is the StarkNet ecosystem?

After what is StarkNet? explained, there is also an important topic which we should know. That is StarkNet Ecosystem. Let’s find out more below.

First of all, There are hundreds of dApps in the ecosystem. One of them is DeFi to make some transactions such as swaps and bridges. As an example, Layerswap is a well-known bridge platform. There is also GameFi that users can participate in directly. Thus, they can receive authority to change the rules of games. Some of them are Dolven Labs, Influence, Loot Realms and ZKasino.

Additionally, NFT platforms live on the network. Participants can use these platforms in order to buy and sell NFTs or create new ones. Finally, the Creators of Starknet announced STRK which is a native token of StarkNet. However, Token has not been listed on any exchange yet.

READ: $1 Million Attack on Base Blockchain!

How to use its ecosystem?

In order to make operations on dApps in the ecosystem, we need to have ArgentX or Braavos Wallet. These wallets are Non-Custodial Wallets like Metamask. These wallets are convenient for iOS and Android. It can also be used as an extension on web browsers. Another important thing is that dApps in the ecosystem have a testnet that is live now. Thus, participants can collect NFT from the testnet. They think the project can allocate STRK token airdrop to the testnet users in the future.

Who are the investors?

As we said before, StarkWare Company built StarkNet. Besides, there are lots of investors: Vitalik Buterin, Paradigm, Sequoia, Coinbase Ventures and more.